Govt appoints new president of Lao Securities Commission
Govt appoints new president of Lao Securities Commission
Deputy Prime Minister Dr Bounpone Bouttanavong has become the new president of the Lao Securities Commission (LSC) after the government assigned him to supervise certain aspects of the country's economic affairs.
The commission officially welcomed Dr Bounpone to the high profile job at the second session of the LSC for 2014, held at the Bank of the Lao PDR in Vientiane yesterday. A number of high ranking commission officials were present at the event.
The presidency of the Lao Securities Commission was previously held by Deputy Prime Minister, Mr Somsavat Lengsavad, who played a significant role to give birth to the Lao stock market in 2010, one of the new channels aiming to help private and state enterprises to access long term investment funds.
Last month the National Assembly approved a proposal by the government to appoint the Head of the Administrative Office of the Lao People's Revolutionary Party Dr Bounpone and Minister of Education and Sports Dr Phankham Viphavanh as two new deputy prime ministers.
Dr Bounpone will join Deputy Prime Minister Somsavat with the supervision of economic affairs while Dr Phankham and Deputy Prime Minister Asang Laoly are in charge of socio-culture affairs.
At the LSC meeting, Dr Bounpone chaired discussions on the Lao capital market development strategy, which the government expects to implement from 2016 to 2020, aiming to improve the stock market and meet with international standards.
A plan to list more public companies at the Lao Securities Exchange was also discussed at the meeting, according to a source from the Bank of the Lao PDR. The names of the new companies which plan to list on the stock market is not immediately available to the media.
Earlier this year, LSX Chairman and CEO Assoc Prof. Dethphouvang Moularat told Vientiane Times that that the stock market expects to list Lao Petro Trade and the Souksomboun group of companies in 2014.
He said the two firms have hired professional financial advisors so as they can improve themselves to meet the probity requirements required to list on the stock market.
At present, there are three publicly listed companies, those being BCEL, EDL Gen and Lao World listed.
The trading value of the stocks of listed companies at the LSX remains active except Lao World, as the price of its shares have remained unchanged at 9,500 kip per unit with little movement over the past several months.
Dr Bounpone highly valued the achievements of the Lao Securities Commission over the past year. However he urged the commission members to work harder so as the stock market can play a greater role in the development of Laos.
vientiane times
